KARACHI, July 13: The KSE 100-share index on Thursday again breached through the crucial barrier of 10,000 points on active follow-up support on the oil and cement counters aided by reports of higher corporate earnings.
Market talk of float of the Global Depository Receipts (GDR) of the OGDC on the London Stock Exchange shortly, prior to its sell-off, led the rally in the oil shares.
Unlike the previous breakthrough beyond the coveted level, the important fact was that it was sustained, signalling that the investors are not deterred about the ongoing probe against the March 2005 crash or the developing political situation.
Although, it finished with a clipped gain of 94.22 points at 10,014.88 as compared to 9,920.66 a day earlier, it significantly added to the prevailing optimism about the future share market outlook. It touched the session’s peak at 10,120.00 and lowest at 9,920.00 points respectively.
Barring National Bank and MCB whose sustained upward drive was halted by profit-hunters and both ended reacted, all other index heavy weights including OGDC, Pakistan Petroleum, Pakistan Oilfields and PTCL ended higher.
“The chief driving force behind the current run-up for the third session in a row is partly attributed to new fiscal buying and partly to market talk of higher payouts by the cement, bank and oil shares,” said Ashraf Zakria, stock analyst.
Active short-covering in the oil shares was also attributed to higher world crude oil prices and partly to an expected inventory gains by the leading oil marketing companies.
Most analysts believe the cement sector could outshine all other heavy weights as its performance both on the export and local front is terribly impressive.
Plus signs again dominated the list under the lead of Arif Habib Securities and Dawood Hercules, up by Rs10 and Rs10.05, followed by Adamjee Insurance, EFU General, Shell Pakistan, Pakistan Petroleum, Pakistan Oilfields, Gillette Pakistan, Ismail Industries, National Foodes, Rafhan Maize and Clariant Pakistan, which posted gains ranging from Rs5 to Rs8.
HinoPak Motors and Gatron Industries were leading among the losers, off Rs6.65 and Rs8.50 respectively. Other prominent losers were led by National Bank, MCB Bank, Artistic Denim, Blessed Textiles, Pakistan Engineering and Siemens Pakistan, off Rs3 to Rs5.
Trading volume showed a further expansion at 244m shares as compared to previous 209m shares as gainers maintained a fair lead over the gainers at 192 to 107, with 36 shares holding on to the last levels.
OGDC topped the list of most actives, relegating National Bank in the secondary position, up by Rs3.90 at Rs135.25 on 45m shares followed by National Bank, off Rs4 at Rs222.25 on 29m shares, D.G.Khan Cement, higher by Rs2.50 at Rs94 on 24m shares, Pakistan Petroleum, up by Rs5.70 at Rs221.20 on 24m shares, MCB, off Rs4.20 at Rs215.15 on 13m shares, Pakistan Oilfields, up by Rs8 at Rs327 on 10m shares and PTCL, firm by 10 paisa at Rs41.30 on 7m shares.
Other actives were led by Lucky Cement, up by Rs1.30 on 13m shares, followed by Bank of Punjab, higher by Rs1.10 also on 13m shares and WorldCall Telecom, firm by 60 paisa on 6m shares.
FORWARD COUNTER: OGDC was also actively traded on the cleared list and was marked up by Rs3 at Rs135.30 on 13m shares followed by Pakistan Petroleum, higher by Rs5.30 at Rs222.25 on 9m shares and National Bank, off Rs4 at Rs223 also on 9m shares.
D.G. Khan Cement followed them, higher by Rs1.65 at Rs93.75 on 6m shares and Pakistan Oilfields, up by Rs7.20 at Rs327.20 on 4m shares.
DEFAULTER COS: With the exception of Crescent Standard Bank, which came in for modest support and rose by 35 paisa at Rs4.20 on 0.321m shares, others lacked normal trading interest and ended with fractional either-way changes.
BOARD MEETINGS: Tri-Star Polyester on July 14, Rafhan Maize Products on July 20, Al-Noor Sugar and Shahmurad Sugar on July 27 and Al-Ghazi Tractors on Aug 1.
